{"id":119203,"date":"2021-08-03T02:29:49","date_gmt":"2021-08-03T02:29:49","guid":{"rendered":"https:\/\/fin2me.com\/?p=119203"},"modified":"2021-08-03T02:29:49","modified_gmt":"2021-08-03T02:29:49","slug":"imf-650-billion-reserves-distribution-clears-last-hurdle-takes-effect-on-aug-23","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/imf-650-billion-reserves-distribution-clears-last-hurdle-takes-effect-on-aug-23\/","title":{"rendered":"IMF $650 billion reserves distribution clears last hurdle, takes effect on Aug 23"},"content":{"rendered":"<figcaption>FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank&#8217;s 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019.   REUTERS\/Mike Theiler\/File Photo<\/figcaption><p>WASHINGTON (Reuters) &#8211; The International Monetary Fund said on Monday its board of governors approved a $650 billion allocation of IMF Special Drawing Rights and said its largest-ever distribution of monetary reserves would become effective Aug. 23.<\/p>\n<p>IMF member countries will receive SDRs &#8212; the fund\u2019s unit of exchange backed by dollars, euros, yen, sterling and yuan &#8212; in proportion with their existing quota shareholdings in the fund. Monday\u2019s approval by all 190 IMF member states was long expected.<\/p>\n<p>\u201cThe SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy,\u201d IMF Managing Director Kristalina Georgieva said in a statement.<\/p>\n<p>\u201cIt will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,\u201d she said, adding that about $275 billion of the allocation will go to emerging market and low-income countries.<\/p>\n<p>Georgieva said the IMF will continue to actively engage with members to identify viable options for rich countries that receive SDRs to channel them to poorer countries that need them more. A key option is for wealthier countries to contribute SDRs to the IMF\u2019s existing Poverty Reduction and Growth Trust for low-income countries, she said.<\/p>\n<p>She added that the IMF was still considering a new trust for SDRs to facilitate sustainable growth in the medium term, indicating little change from discussions in July.<\/p>\n<p>The IMF\u2019s last SDR distribution came in 2009 when member countries received $250 billion in SDR reserves to help ease a global financial crisis.<\/p>\n<p>To spend their SDRs, countries would first have to exchange them for underlying hard currencies, requiring them to find a willing exchange partner country.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/g20-finance-imf-reserves\/imf-650-bln-reserves-distribution-clears-last-hurdle-takes-effect-on-aug-23-idUSL1N2PA020\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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